Crypto custodian BitGo has filed its first public S-1 registration assertion with the U.S. Securities and Alternate Fee (SEC), planning to checklist Class A standard inventory on the New York Inventory Alternate beneath the ticker BTGO.
The submitting supplies a uncommon take a look at the corporate’s enterprise scale. BitGo generated $4.19 billion in income within the first six months of 2025, almost quadrupling the $1.12 billion recorded in the identical interval a yr earlier.
Profitability, nevertheless, tightened: internet earnings for the half-year fell to $12.6 million, down from $30.9 million within the first half of 2024, as rising working prices weighed on margins.
In 2024, BitGo reported $3.08 billion in income and $156.6 million in internet earnings, with $54.1 million attributable to frequent stockholders.
Primarily based in Palo Alto, BitGo was based in 2013 and constructed its status by providing chilly storage and multi-signature wallets for exchanges, hedge funds, and banks. The agency now manages over $90 billion in cryptocurrency on its platform, from 1.14 million customers.
These figures, nevertheless, stay concentrated in largely 5 cryptocurrencies.
Per the submitting: “The worth of a majority of our AoP has been, and continues to be, concentrated in a couple of digital belongings held by our shoppers, together with Bitcoin, Sui, Solana, XRP, and Ethereum, which represent 48.5%, 20.1%, 5.7%, 3.9%, and three.0% of our AoP [Assets on Platform] as of June 30, 2025, respectively.”
The S-1 additionally outlines a dual-class share construction, giving Class B shareholders, together with co-founder and CEO Mike Belshe, 15 votes per share in contrast with one vote for Class A inventory. That setup ensures Belshe will retain management after the providing, with BitGo qualifying as a “managed firm” beneath NYSE guidelines.
BitGo stated IPO proceeds would fund know-how growth, acquisitions, and stock-based compensation whereas boosting visibility and monetary flexibility.
The IPO follows public itemizing strikes from different main firms within the cryptocurrency sector, together with Circle, Gemini, and CoinDesk’s mother or father firm Bullish.
